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Rand News Update │ Rand making small gains

We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive, or want the latest money transfer news.

The South African rand is making small gains as it reached a low level 18.9045 in yesterday’s session. The local unit also managed to reach a high of 19.1460 before recovering back below a level of 19.00. Financial markets will continue to trade with caution as the global risk factors drive the price action. The predicted trading range for the rand today is between 18.7500 to 19.2000.

Local data releases for today are the country’s leading indicator for August to be released by the South African Reserve Bank. This data will include information on vehicle sales, business confidence, money supply and other factors. This will give insight on the health of the country’s economy.

The rand will look for support at 18.85, 18.75 and then a low of 18.60. The resistance levels for the rand are at 19.10, 19.25, following with a high of 19.39.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.9780 versus the dollar.

  • GBP: 23.25

  • Euro: 20.22

  • Gold: 1974 USD

  • Bitcoin: 34 013 USD

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